The Emergency Homeowner Loan Program

If you are a homeowner facing foreclosure because of a decrease in income due to job loss or serious illness, there is a new program that may be able to help you, but time is limited.  The Emergency Homeowner Loan Program, or EHLP, is a government program aimed at easing the national housing crisis that has left more than 6.3 million homeowners facing foreclosure. Homeowners who have experienced a substantial loss of income due to unemployment, underemployment, or medical condition can receive interest-free, forgivable loans to pay their mortgage, property tax and insurance bills for up to two years, or until they exhaust the maximum EHLP loan amount of $50,000 – whichever comes first.

Approved homeowners are eligible to receive one-time EHLP assistance to bring their mortgage current, as well as ongoing monthly assistance. If you are selected to receive a loan through the EHLP program, payments will subsidize your mortgage payments; allowing you to pay just 31% of your income or $150, whichever is greater – EHLP will pay the balance. No payments are due on the 5-year term of these loans, providing you meet all the conditions of the program.  If so, your loan will be forgiven in 20% increments each year. The deadline for homeowners to apply for the program is July 22, 2011, so you must act quickly.

To qualify for the EHLP program you must live in one of the 32 states affected by the program, a full listing of states can be found at http://www.cambridgecredit.org/EHLP.  Homeowners applying for the EHLP Loan will have to complete a Pre-Applicant Screen Worksheet, which you can locate on our website. This worksheet must be submitted to an EHLP counseling agency by July 22, 2011. Applicants will need to work with an approved EHLP housing counseling agency and provide all required documentation. A checklist of these documents is listed in the Pre-Applicant Screen Worksheet.

If you live in Massachusetts and are a homeowner facing foreclosure because of a substantial loss of income due to unemployment, underemployment, or medical condition, call 888-544-EHLP, to talk to a HUD-certified housing counselor who will help you determine your eligibility for the new Emergency Homeowner Loan Program, or EHLP.  Again, the deadline for homeowners to apply for the program is July 22, 2011, so do not delay.  Call 888-544-EHLP to learn if you qualify.

Advertisements
This entry was posted in Credit and Credit Scoring, Economics, Housing by Cambridge Credit Counseling Corp.. Bookmark the permalink.

About Cambridge Credit Counseling Corp.

Cambridge Credit Counseling Corp. offers its financial education to consumers throughout the United States. Our experienced staff is dedicated to helping people understand and manage their debts by providing personalized attention and a free, comprehensive review of each consumer’s financial situation. It is our objective that, as consumers become more educated about debt and the impact it can have on their lives, they can apply this knowledge to successfully manage their finances in the future.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s